“Wal-Mart’s net income climbed 9.8 percent… Home Depot, the world’s largest home-improvement retailer, slumped 28 percent…” – Bloomberg, February 20, 2007
“Flipping, overall, is down everywhere” – Orlando Sentinel, February 15, 2007
“For all of 2006, one in four flippers lost money” – Bloomberg, February 5, 2007
Chicken Smith View:
The headlines pretty much sum it up. Do you hear that? That’s the loud hiss of the housing bubble deflating and soon to take the rest of the economy along with it. I’m sure many of these professional (and amateur) home flippers have massive credit card bills that will never see a zero balance again. When money is short and times are tough, then you know it’s time to shop where you get the most bang for your buck.
These are probably all the same people who keep thinking there’s nothing wrong with our bubble economy. Many must take comfort in knowing they’re not alone. However, it can’t be much comfort to know everyone else is weighing down the same sinking ship that you’re on.
Here’s a link to a Forbes article to help keep you up at night. As if you needed any help!